Is the Financial institution of America Premium Rewards Card definitely worth the $95 annual payment?

The Financial institution of America®️ Premium Rewards®️ bank card has the potential to be one of many highest-earning cash-back rewards playing cards available in the market at this time but it surely carries qualification necessities and naturally an annual payment. Right now, let’s evaluate the advantages of the cardboard that can assist you resolve whether or not the $95 annual payment is price paying for card membership.

Financial institution of America Premium Rewards Card incomes construction

The quantity of economic holdings you’ve gotten inside Financial institution of America and Merrill will decide how a lot money again the Financial institution of America®️ Premium Rewards®️ card will earn. The cardboard works along with Financial institution of America Most well-liked Rewards Program, so be sure you perceive the infrastructure and tiers of that rewards system. Primarily based in your tier inside the Most well-liked Rewards Program (which you want to enroll in individually), the Premium Rewards Card will earn the next factors:

Spend Classes Common Cardholder Tier 1 – Gold ($20,000 – $50,000) Tier 2 – Platinum ($50,000 – $100,000) Tier 3 – Platinum Honors ($100,000+)
Journey/Eating Earnings 2 factors per greenback. 2.5 factors per greenback. 3 factors per greenback. 3.5 factors per greenback.
Different Earnings 1.5 factors per greenback. 1.875 factors per greenback. 2.25 factors per greenback. 2.625 factors per greenback.

Every level is price 1 cent towards money again into your Financial institution of America deposit account or Merrill Lynch or 529 faculty financial savings account. You may redeem factors for masking journey purchases or reward playing cards, however I like to recommend you simply follow money again. With the fundamental rewards construction of the cardboard lined, let’s have a look at all the cardboard advantages and resolve which of them might make the annual payment worthwhile, and which of them might make paying $95 exhausting to justify.

Join our day by day publication

Which advantages are definitely worth the $95 annual payment?

Signal-up bonus

With this card, you earn 50,000 factors after spending $3,000 within the first 90 days of account opening. That’s price $500 deposited into your checking, financial savings or funding account. It’s a fairly simple determination to pay $95 and get $500, assuming you’ve gotten a simple plan to fulfill the minimal spend requirement. This bonus, in fact, shouldn’t be repeated for subsequent years of card membership, once you’ll nonetheless must pay $95.

Airline incidental payment

You are additionally eligible to obtain an annual as much as $100 airline credit score to cowl purchases comparable to seat upgrades, baggage charges, in-flight providers and lounge charges. Airfare shouldn’t be included in what qualifies for reimbursement, although issues like buying a seat improve might qualify relying on the airline.


You obtain the credit score yearly, and in case you’re ready to make use of the complete quantity, you’re basically getting paid $5 a 12 months to be a cardholder. Take away every other advantages listed right here, and also you’re already popping out forward in case you can maximize the credit score.

Rewards for Platinum and Platinum Honors Most well-liked Rewards Members

When you have a median day by day steadiness for 3 months of a minimum of $50,000 in property between your Financial institution of America accounts and Merrill accounts, you qualify for the Platinum tier in Most well-liked Rewards — important for pushing your baseline rewards earnings over the two% cash-back stage.

There are a number of playing cards, just like the Citi® Double Money Card (1% again once you purchase plus 1% once you pay) and Constancy Rewards Visa card, that may earn anybody 2% money again on all purchases, so being a minimum of Platinum pushes the Premium Rewards Card previous many of the different competitors.

The data for the Constancy Rewards Visa Card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.

When you’re Platinum Honors, earned with a median day by day steadiness over $100,000 over the course of three months, your baseline money again is 3.5% on journey and eating and a couple of.625% on all different purchases. That’s important in comparison with different competitor playing cards, most of which don’t provide the opposite advantages listed on this part. Whereas incomes transferable factors can usually provide you with a better worth, you continue to want cash-back rewards to cowl the bills of journey these transferable factors can not erase.

TSA PreCheck/International Entry credit score

Each 4 years the cardholder will obtain an as much as $100 International Entry credit score which can be utilized to cowl the International Entry or TSA PreCheck enrollment payment. When you have not but signed up for International Entry, this card will successfully pay you $5 to enroll or re-up your membership as soon as each 4 years.

Which advantages aren’t definitely worth the $95 annual payment?

Duplicate advantages

In case you’re holding different premium rewards playing cards to earn transferable factors, a number of the advantages the Financial institution of America®️ Premium Rewards®️ card provides could be duplicate or not as beneficiant.

Many playing cards additionally provide International Entry credit, which you solely actually need to make use of as soon as each 4 or 5 years. In case you maintain an American Specific, Citi or Chase card to earn these level currencies, you possible have already got most of the journey advantages lined, and so they might provide extra safety.

Rewards for Common and Gold Tier Most well-liked Rewards members

In case you maintain no tier or solely Gold tier standing within the Most well-liked Rewards Program, your baseline money again is lower than 2%. As beforehand talked about, different playing cards can subsequently earn you additional cash again, even with no annual payment just like the Citi® Double Money Card.


Secondary rental automotive insurance coverage

This collision harm waiver (CDW) protection will solely kick in after your private insurance coverage covers the utmost allowed in your coverage. That makes the secondary protection not very beneficial in my view and doesn’t stack as much as the first protection the Chase Sapphire Most well-liked and Chase Sapphire Reserve present.

Backside line

Acknowledged plainly, in case you qualify for Platinum or Platinum Honors tiers within the Most well-liked Rewards program, you have to be wanting to enroll in the Financial institution of America®️ Premium Rewards®️ bank card.

The flexibility to earn as much as 2.625% money again on the vast majority of purchases and as much as 3.5% money again on journey and eating is improbable. That a lot money again can simply subsidize your transferable factors earnings and canopy money journey bills.

Even with out top-tier Most well-liked Rewards membership, a 50,000-point bonus ($500 worth) and the $100 annual airline incidental payment means the cardboard virtually pays you to carry it.

Apply right here: Financial institution of America Premium Rewards card

Further reporting by Ryan Wilcox.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button